Automotive Battery Market is anticipated to hit $34.9 billion by 2023 at a CAGR of 8.5%

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According to the new market research report by IndustryARC titled “Automotive Battery Market: By Vehicles (Passenger Vehicle, Electric Vehicle and Commercial Vehicles); By Function (SLI, Electric Propulsion) By Battery (Lead-Acid, Lithium – Ion, Nickel Cadmium and Others), and By Geography – Forecast – (2017-2023)”, the market is driven by the increasing environmental concerns about emissions from traditional automobiles and increasing stress on fossil reserves.

APAC held the largest market share in the Automotive Battery Industry

The APAC region holds the largest market share and growth in the Automotive Battery Market and is anticipated to reach $17.5 billion by 2023 at a CAGR of 10.8%. In order to keep up with the growing demand, several global automakers have started investing heavily in various segments of the industry during the last few months, which simultaneously escalated the emergence of new technologies, thereby driving the automotive battery market in the region.

Selected Value Chain Analysis was done in the full report

• Firstly, the value addition starts from raw material suppliers that are either manufacturers or providers. After extracting the raw materials from the suppliers, various parts of the automotive battery is designed. After component manufacturing, these parts are integrated as a whole.

• Many automotive batteries are also manufactured according to the type of vehicle such as automotive batteries and many a vehicle battery for passenger vehicles, namely battery electric vehicles, hybrid electric vehicles and plug-in hybrid electric vehicles along with internal combustion engine vehicles.

• The equipment is made available to the final integrators, generally through regional sales networks or through distributors. Major companies operate through regional sales representatives, whereas smaller companies operate through distributors. This is because setting up a regional sales office in each country would require large investments. Smaller companies which generally have smaller profit margins do not have the resources to set up regional offices in every country. Hence, operating through distributors is relatively easy in such situations.

Excerpts on Market Growth Factors

• Automotive Battery Industry is driven by the need for energy efficient batteries in various segments of automobiles. Therefore, a significant increase in the use of lithium-ion batteries in automobiles will accelerate the growth of the market.

• Growing environmental awareness, innovation, consumer acceptance, and government support are creating demand for electric vehicles, thus accelerating the automotive battery Industry in these regions.

• The growth for Automotive Market for electric vehicles is triggered by the rising demand for electric vehicles coupled with several investments by OEM for the development of these vehicles. That means increasing opportunities for electric vehicles will contribute to the growth of the automotive battery market during the forecast period.

• The Electric Vehicle Market is projected to remain the fastest growing vertical for automotive battery during the forecast period.

• With the requirements of carbon emission reduction and energy efficient batteries, there is a huge growth for electric vehicles, thus propelling the growth for automotive batteries.

• Rising disposable income in developing countries like China and India resulted in the increase in Sales for passenger vehicles, thereby further boosting the growth of the market.

• Availability of the infrastructure is one of the factors that is positively correlated with the growth of electric vehicle as well as Automotive Battery Industry.

• Demand for electric and hybrid vehicles is soaring across the globe, thereby creating an opportunity for the growth of the automotive battery market during the forecast period.

• The growth is primarily attributed to low cost and dependable services in adverse environmental conditions and efficient recycling ability.

• The adoption of these electric vehicles was driven by consumer demand, industry developments and government initiatives which would propel the growth of the automotive battery Industry as it provides clean and efficient transportation.

• Panasonic Corporation and LG Chem are analyzed to be the dominant players of the automotive battery market for electric vehicles. These companies are followed by BYD Company which stood third in the list of best automotive battery manufacturers globally market for electric vehicles.

• Johnson Controls, Inc. is the latest company to forayed into best auto battery sector as far as NiMH is concerned. The NiMH cell was developed using technologies from it’s Varta Battery Automotive Business in Europe.

• Bosch Gmbh Robert, Daimler Ag, Ford Global Tech Llc, Hitachi Ltd and many more are the major applicants of the patents for the automotive battery market.

What can you expect from the report?

The Automotive Battery Market Report is Prepared with the Main Agenda to Cover the following 20 points:

IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences &Healthcare

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